The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1887-03-30
AT THE CAPITAL.
LANSING. March 81, 1887.

/
amount of volume as in some other weeks,
yet some of it has been in the line OF re-
form, and will, no doubt, result in much
good to the people of the State. The mat
ter of perhaps the greatest importance is
that of investigating the life and lire in-
surance companies, which is ordered.
| GRAVEYARD INSURANCE"
| 1t has been well known for some years
J that quite large number OF the co-opera-
| tive assessment life insurance companies
| of the State were doing business on the
plan of getting all they could from their
customers and giving back as little as pos
sible 10 those who held policies on the lives
of their friends and relatives, and early IN
| the session Representative Cross, OF Van
| Buren,, who was two years ago and Is again
this session Chairman of the House Com
mittee on Insurance, began calling upon
the several State departments for info ma
ton on the subject from reports ard figures
on file there. When he had secured
the information he sought he introduced
a preamble and resolution calling for n
Joint committee to investigate the compa-
MES. After n long and stormy debate on
the 18th the resolution was first defeated.
then reconsidered and adopted by vote OF
yeas 60, nays 3. This change in sentiment
10y the House was largely brought about by
| Speaker Marlley, who took the floor and
made one OF the ringing speeches he knows
SO well how to make. He told the House
that it could not re use 10 order any inveS-
tiga,ion the people of the State asked for,
aud that II these companies We're any OF
them doing an illegal and unsafe business,
the people had right TO know it-and then
| the resolutions were adopted.
| The hla on1 resolutions nrp a : fol-
lows:
| WHEREAS, The report of the Secretary
| OF State and Commissioner OF Insurance.
in response TO resolution of tie House OF
Il. representatives., dated Feb. Is ult., shows
that one hundred and eighty corporations
have been organized within this State since
March %. A. ID. 1870, for the purpose OF
insuring the lives of individuals upon the
assessment plan against the contineenc es
of death, accident, and disease; and,
WHEREAS, 1t luther appears bv said re-
port that fifty-tive only of such corpora
tons have ut any time received license from
the Insurance Bureau to transact the bust
ness of life and accident insurance within
this State; and.
WHEREAS, 1t has been ascertaned that
twenty-five only of such corporations have
! during the present year filed with the IN
surance department their annual statement
as required by law; and
WHEREAS, 1t is believed that much evil
and great loss has been brought upon the
people Of this State by reason of the fail
ure of such corporations, and it is believed
that crave frauds and crimes have been
committed by corporations organized un-
der the provisions of chapter No. "a of the
compiled laws of 1871, and by individuals
connected herewith; and
WHEREAS, 1t is claimed that existing
statues are wholly inadequate for the de-
lection and suppression of such frauds and
crime; therefore
ResOtred by the House Of Representatives.
the Senate concurring). That special
committee, consisting of three members
from the House and two from the Senate,
| be appointed, to be known as q committee
of investigation, with power to send for
persons aud papers, To subpoena and COM
pei the attendance of witnesses, to admin
lister oaths, and TO employ a stenographer.
Such committee may, In their discretion,
visit the Offices of any or all corporations
organized under the provisions or chapter
| - OF the compiled laws of 1871, and acts
supplemental and amendatory thereto, now
doing business within this State, and shall
have access to the books, files, records, and
papers relating in any way to the business
| of such corporations, and make a report of
their doings to the Senate and House Of
! Representatives, with their recommends
tons, on or before May 10, 1887.
ResOtred, further, That the provisions of
| the forego DING resolutions shall apply to AL
life insurance companies doing business in
| this State.
The Senate promptly concured in the
adoption of the resolutions without roll
call. Senators Westgate and German have
been appointed as the members of the COM
mittee on the part of the Senate, and
Messrs. Cross, Douglass, and Goodrich on
the part of the House. They propose o
90 to the bottom of the whole business.
During the discussion Mr.. Cross gave the
! following figures regarding the business of
twelve of the companies aimed at, for the
past year, that make interesting reading:
Old Peoples Life Insurance Company of
| Jackson, organized in 1SS, received in assess
ments, etc. s0,j5j.s5; paid TO benehciaries,
| sl6O 90 paid to officers and agents S,5J6.2O.
Old Peoples Mutual Benefit Society OF Ben
ton Harbor, organized in 1856 receipts 81, 1861;
losses, s., ~ IS; expenses, s22,933B
| Peninsular State of Ithaca organized in 1888,
receipts, s39,99lGO; paid losses, sz7,572.l5 ex-
! penses, Sl1.7l7.4j.
Peoples Cooperative Mutual Benefit of Battle
| Creek, organized in 1885; receipts, Sj6,2o2GU;
losses, sl927. 80; expenses. Sic. 35slS.
Standard Life Assurance Company OF Mar
SHALL organized in 1885 receipts, SO, 4I2 losses,
| SjW expenses, Sl5,II6.
Mutual Life of Mason, organized i'm 1885; re-
ceipts, 80, $50: losses 81 lS6 expenses S7,Gl9.
| Industrial Mutual Benefit Association of Cor
| runna. organized in 1855 receipts, 50, $780, paid
| benehciaries, Sl4 expenses, $500.
Equitable OF Lansing, established in Is g
| ceipts, 5000; paid bonehciaries 1872;
penses, II, SJS
| American Mutual Benefit Of Bellevue organ
lied in 1850 receipts, 81 gGi paid beneiciaries
| nothing expenses. ~ ,9l4.
Protective Life Association of Lansing,
| ganized in 1885 receipts, paid To benohciaries,
| nothing; expenses SJS6
Equitable Life Association of Homer receipts,
| 1863; paid benehciaries, nothing; expenses,
| Sj67
| LOYAL Life OF Reading, established in 1885 re-
ceipts, Sj391 paid benefcaries, S7,O27; ex-
| p-nses, Ssg,S65.
| Total of the twelve companies receipts, S21O,-
| J64.37; paid benehciaries ). O,632.2 expenses,
| al3l 6J0.44.
FIRE AND MARINE INSURANCE.
Later in the day three members, who OPP
posed the appointment of the committee TO
investigate the life companies, introduced
a resolution worded substantially like the
other, only that it applied TO fire and marine
companies organized or incorporated within
the State or doing business under the laws
of the State, the joint committee to report
at the same time-May Is. This the House
adopted. yeas, 43; nays, 16: and the speaker
named Representatives Perkins, Bates and
Lincoln on the part of the House. Tire
,,,n oIo,A tba I,,t;,